In a press conference in Davie this week, Gov. Ron DeSantis announced a series of insurance rate deductions primarily for policyholders of Citizens Property Insurance, the state’s insurer of last resort. According to the governor, the average rate deduction will be 8.7% statewide, with even bigger decreases in South Florida.
Reductions for homeowners in South Florida are as follows, with an average rate decrease of 13.4% across the area:
- Broward County: Average rate decrease of 14.1% for 27,000 homeowners
- Miami-Dade County: Average rate reduction of 14% for 42,000 homeowners.
- Palm Beach County: Average rate decrease of 11.9% for 26,000 homeowners.
- Monroe County: Average rate reduction of 11.3% for 1,000 homeowners.
In addition, Gov. DeSantis noted more than 150,000 Floridians will see their Citizens Property Insurance rates decrease by more than 10%. Overall, more than 330,000 policyholders across Florida's 67 counties will receive rate decreases, according to the governor's office.
Gov. DeSantis, alongside Insurance Commissioner Mike Yaworsky and Chief Financial Officer Blaise Ingoglia, credited the reductions to several legislative reforms passed in 2022 and 2023 aimed at litigation abuse resolutions, including those involving lawsuits, as well as reduced exposure due to policy losses.
"Floridians are seeing rate reductions in both auto and homeowners insurance across the state, with additional relief coming soon," DeSantis shared on social media. "Premiums are lowering because we’ve enacted real reforms and withstood the pressure to reverse course. We will hold firm in our commitment not to go back to the broken insurance market of the past."
Gov. DeSantis also mentioned the number of policies held by Citizens Property Insurance fell from 1.3 million to 395,144 policies, or a 50% reduction year over year. The decrease is also the lowest level in 14 years, driven by 17 new insurers to the Florida market since the reforms were established by the legislature.
“Four years ago, our insurance market was near collapse, which is why I stood alongside our Governor to create historic lawsuit reform, cut out the waste, fraud and abuse, and strengthen our insurance market,” Chief Financial Officer Blaise Ingoglia added. “Those reforms are working, and Florida homeowners are seeing the benefits. No other state and no other Governor is doing more to deliver on his promises and tackle housing affordability than Governor DeSantis. Florida continues to lead the nation on all fronts.”
